I am interested in how the economy of a country works - the price changes of a fish market.
Introduction I am investigating this report because I am interested in how the economy of a country works. Even though I only investigated the price changes at the fish market, it was enough to get a fair representation of how things work in this country, particularly about economics because each country has different government which therefore have different ways of determining what to produce for whom to produce and how to produce. For example, in China the government decides what, how and who to produce as the country practices planned economic system, while the U.S government let the people or the market force make the decisions mentioned before. Economists would observe the economy of a country. The various observations will make them better at understanding the cause and effect of the market forces. In the Netherlands, the selling of drugs is made illegal by the government with demands from the market. Economists in the country will try to predict what are the impacts on the selling of drugs, whether it is worth or not. If the selling of drugs will cause an increase in social problems or a decrease in the welfare of society, than they could suggest to the government to prevent the selling through legal ways. Demand Consumer's demand plays a large role in determining how scarce resources are used in the economy of a country. The demand is determined by the want or
Wage differentials Firemen v Robbie Williams
4. In 2002 in the UK public sector fire fighters threatened to go on strike because they stated that their earnings were very low compared with other workers. In the same year Robbie Williams, a singer from the UK, signed the largest ever recording deal in the music industry, worth millions of pounds. Discuss whether the economic theory of wages can explain how workers in a vital industry such as the fire-fighting service can have lower pay than workers in a less vital industry such as an entertainment. A. Wage differentiates exist in the market due to various reasons such as skills, net benefits, discriminations, etc. The demand for labour and supply of labour mainly play the main role in wage determination in the factor market. The demand for labour is said to be a desired demand. This is because labour is demanded for the product it can create through its work and therefore the product's demand and elasticity will determine the demand for and the elasticity of labour. Therefore to attain the demand curve for labour, the marginal revenue productivity theory has bee postulated. According to this theory firms will employ labour until the marginal revenue productivity i.e. the marginal physical product produced by the unit factor times the price of product ; is equal to the marginal cost hiring the labour. For an industry operating in an imperfect factor market the MRP
What is marketing (Introduction)
Introduction The Department of State and Regional Development defines marketing as "finding out what customers want, then setting out to meet their needs, provided it can be done at a profit. Marketing includes market research, deciding on products and prices, advertising, promoting, distributing and selling" (2006). The Center for Media Literacy defines marketing as "The way in which a product or media text is sold to a target audience" (2003). Marketing is a critical element of the business organization. Marketing is more than simply promoting and selling a product. Successful marketing is satisfying the changing needs of the customer. The purpose of this paper is to define marketing from at least two different cited sources and personal experiences. Based on these definitions, this paper will explain the importance of marketing in organizational success. In addition, this paper will outline and provide at least three examples from the business world of the importance of marketing to the overall organizational success. The Importance of Marketing In order to understand the needs of the customer, the business should implement a clear, concise marketing strategy. "A marketing strategy identifies customer groups which a particular business can better serve than its target competitors, and tailors product offerings, prices, distribution, promotional efforts, and services
A Business Plan
Contents Page Introduction to Business Plan Company name Page 3 Service Provided Page 3 Mission Statement Page 4 Business Objectives Page 4 Legal Form Page 4 Stakeholders Page 5 Legislation Page 6 Insurance Page 6 Marketing Page 7 Financial Sources Page 8 Monitoring Quality Page 9 Operating days and times Page 9 Market Background Market Research Page 11 Local Suppliers Page 11 Consumer Research - Questionnaire Page 12 Results Page 14 Overall Outcome Page 21 Sales Page 22 Initial Research Premises needed Page 22 Letter of Agreement Page 24 Map of School Page 25 Equipment (location/cost) Page 26 Cash Register Page 26 Table and Chair Page 27 Refrigerated Units Page 27 Transport Page 28 Total Expenditure Page 28 Stock (location/cost) Page 29 Staff Skills Page 30 Financial Resources Profit and Loss Page 31 Balance Sheet Page 32 Cash flow Page 33 Breakeven Page 36 Usage of ICT Page 37 Future Development Page 40 Appendix Page 41 Scrumptious School Smoothies Introduction to Business Plan Company name: Scrumptious School Smoothies I chose the name 'Scrumptious Smoothies' for numerous reasons; firstly it states the service provided by the business - 'Smoothies.' It is a remember-able name containing alliteration. The name Scrumptious Smoothies has not been used by any other businesses
REFERENT POWER AND WHY IT CAN BE A POTENT FORCE FOR MARKETING APPEALS.
REFERENT POWER AND WHY IT CAN BE A POTENT FORCE FOR MARKETING APPEALS. Mariam Hashmi Contents . SUMMERY: 3 2. INTRODUCTION: 3 3. THE NATURE OF REFERENCE GROUP INFLUENCE 3 3.1. Informational Influence 3 3.2. Normative influence 4 3.3. Identification Influence 4 4. Celebrity as a referent power in advertising 4 5. Referent power involvement 7 6. How Much Does It affect 8 7. Degree of Reference Group Influence 9 8. when will it effect 9. CONCLUSION 10 0. REFERENCES 12 . SUMMARY Referent power plays a very important role in marketing communication, following report look in to different influences groups and referent power. How referent power affect one. How affective a referent power is? How a marketer can use it to his advantage. What are the factors which make referent power effective? Different theories have been discussed. This report will be looking critically on evaluating the role of referent power in marketing, evaluate the role it will play in future, and provide a future marketing plan. 2. INTRODUCTION This report of "Referent power and why it can be a potent force for marketing appeals" was written as a final assignment for the Consumer Behavior module. Humans are social animals and they always looks to other for
Marketing definitions and its role
Unit 3 - Introduction to Marketing. Assignment 1 - Task 1 (P1) - Marketing definitions and its role. The information below contains two definition of Marketing and also the marketing concepts and basic principles of marketing. Marketing is the management process responsible for identifying, anticipating and satisfying customer requirements profitably. Chartered Institute of Marketing The process of organizing and directing all the company activities which relate to determining the market demand and converting the customers buying power into an effective demand for a service and bringing that service to the customer. http://www.shipping.francoudi.com/main/main.asp?cm=14&letter=M Marketing concept: The Marketing Concept is based on the idea that organisations can best meet their objectives by concentrating on customers needs and satisfying those needs better than competitors. The other three concept are; Production concept which concentrates on production and distribution economics. Selling concept is based on the notion that customers need to be persuaded to buy through aggressive selling and promotion. Product concept has been adopted by organisation which believes that their product is the most innovative in the market, is of top quality and packed with special features. Information from BND Business Book 1. The Basic Principles of Marketing: Marketing
Restaurant Promotion. For my business I have decided to offer various promotional offers. Offering various promotions will attract a lot of customers as different people are attracted to different offers so by offering more promotions it will attract to a
Promotion: Promotions are a set of offer offered on certain products that saves the customers money. Providing promotion will attract customer as it gives them a chance to save money. I have to take into careful consideration what promotion I am offering because my business has just started out and I need to make as much profit as possible in order to survive. For my business I have decided to offer various promotional offers. Offering various promotions will attract a lot of customers as different people are attracted to different offers so by offering more promotions it will attract to a wider audience. One promotion I will be offering is BOGOF (Buy One Get One Free). This gives the customer the same product they just bought and no extra cost. For example if the customer bought a burger, they would get another burger free. Buy One Get One Free can also be known as buy 2 for the price of 1 as it is essentially the same thing. I will offer this on products that are not selling well so that it encourages people to buy it. For example if I notice that my cheesecakes are not selling as well, I will offer BOGOF on it so that it sells. I will also offer this promotion on certain products for a period of one month. I will monitor them to see how well they are, and if it proves to be successful, I will keep for a longer period or perhaps forever. If it doesn't prove to be
Business - Sports Industry Research
Sports Industry Research Table 1.1: Summary of Popular Sports and Physical Activities Undertaken (% of adults), 2001 Fitness-Related Sports and Activities Swimming 22.0 Walking/rambling 21.2 Aerobics/keep fit 2.5 Cycling 1.6 Weights/working out 9.2 Jogging 6.4 Competitive Sports and Activities Golf 8.3 Football 6.7 Badminton 6.2 Tennis 4.9 Bowls 3.6 Squash 2.9 Cricket 2.9 This helps tell me how popular each sport is, I can use this to help me base which products I will stock, in order of popularity of sport. Golf is arguably the most popular of the fully competitive sports undertaken by a large number of people, and it certainly generates the highest level of consumer expenditure per participant. The participation rates for football and aerobics indicate their all-adults levels, but in fact they are much more popular with, respectively, men and women. Although participation rates fall to less than 5% for many sports, those who do take part can be very enthusiastic and put that activity at the centre of their lifestyles as consumers. For example, serious skiing involves a financial commitment to travelling abroad, while cricket requires a time commitment and investment in a range of personal equipment and clothing. Participation also depends on the provision of suitable facilities, and these can be divided between the public and private
For this assignment, we visited John Lewis in Kingston on the 11th of May 2011 to get ideas to be able to put together as a group a display for visual merchandising.
Unit 30: Assignment 3 M3 For M3 I will be analysing the Visual Merchandising techniques that the group and I used to plan and build the display. For this assignment, we visited John Lewis in Kingston on the 11th of May 2011 to get ideas to be able to put together as a group a display for visual merchandising. Visiting John Lewis helped us gather some ideas for what we should include in our plan and how the display could be made. Visual merchandising is the activity of promoting the sale of goods, especially by their presentation in retail outlets. Retail outlets are places that the public can buy goods and services. Display and visual merchandising are a key element for department stores in attracting sales and include in-store displays and window displays. The visual merchandising techniques that I used to plan and build the display are, use of fixtures and fittings, wall fixtures (shelf) and softline fixtures (rail). Use of fixtures and fittings- I used this technique in the plan and display as the stock are considered as permanent attachments as opposed to moveable items. Wall fixtures- they are used to display goods within the store. This technique was considered in the plan and display to help to display goods that would be visible to customers and are able to reach at ease and highlight specific products. In the plan/display we used shelves because the
I will be comparing the marketing techniques (branding, Ans off and Customer Relationship Management) used by two chosen organisations, Prada and Santander.
Unit 3: Assignment 3- Marketing Mix M1: I will be comparing the marketing techniques (branding, Ans off and Customer Relationship Management) used by two chosen organisations, Prada and Santander. Branding Prada: The brand became a premium status symbol in the 1990s. It uses such a simple logo yet it is recognised worldwide. No colour is used in the logo and that gets printed on every item that is made. To many people, Prada signifies elegance and wealth. Santander's visual identity consists of the flame and the word Santander as a frame for the logo of the specific unit where it is displayed. The strategic positioning of the brand is summarised by the slogan: "The value of ideas". It sees its brand as a strategic asset that creates value. Prada delivers expensive products and it is one of the world's top luxury brands. Experience shows that customers expect to pay more for a branded product than for an unbranded products. Branding helps both organisations advertise really easily as they are both recognised worldwide with a good status Ans off This helps them to see what's new in the market and they will try to produce a better product than their competitors and stay in the market. More than any other globally recognised luxury-goods company, Prada has preferred to experiment and renew, to push at the boundaries of fashion and anything else it touches,
